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As per the view of Kirsten ET al. (2017), the TIME sector plays a

1. Individual Presentation

TIME refers to the “small and medium-sized enterprises”, and a company or an organization can be categorized as TIME based on its “annual sales”, “assets owned by the company”, “number of employees”, and “market value and capitalization”. In the United Kingdom, small business organizations deal with less than 50 employees, whereas medium business enterprises generally work with 250 employees. According to the UK business report, 2020, the average turnover for the small and medium enterprises remains under 6 million, and 25.9 million British pounds respectively.
It has been observed that three-fifths of the total population of the United Kingdom are associated with SMEs. Almost 16.8 million people work in the small and medium enterprises in the UK, which is nearly 61% of the total population of the nation (Gov.uk, 2020). Half of the turnover in the private sector comes from SMEs in the UK. As per the record of the last year (2020), the turnover of SMEs estimated in the UK was 2.30 trillion British pounds. There are 5.8 million small and medium enterprises in the UK in 2020, and it comprises 84% of all business in the United Kingdom. The UK government helps the entrepreneurs venturing in the SMEs by giving subsidies, and providing business loans with low-interest rates.

1.2 Evaluation of the growth and financial contribution of small and

medium private organizations in the UK Economy
Development of the small and medium enterprises helps to grow the financial condition and the economy of the United Kingdom (Yuan ET AL. 2020). According to the UK business report, 61% of the total population in the Uk is associated with SMEs. Almost 17 million people work in small and medium enterprises in the UK, therefore the economical condition of the nation greatly depends on the growth of SMEs (Gov.uk, 2020). As per the government report of the UK, it has been observed that 52% of the total turnovers come from SMEs, which amounts to nearly 2.30 trillion British pounds. The numbers of small and medium business enterprises are growing day by day. All the investors and entrepreneurs are showing their interest to invest in the TIME sector in the UK. In the year 2017, 5.26 million small and medium enterprises were in the UK, whereas the number of SMEs has increased in recent times. It has been observed that the numbers of SMEs in the last year were 6.0 million, which comprises 99% of all businesses in the United Kingdom (Gov.uk, 2020).

The UK government provides significant support to SMEs, which helps the TIME sector and boost the economy of the nation. The government helps entrepreneurs to set up their businesses by giving easy business loans and subsidies. The government makes a “SMEs action plan” to enhance the supply chain, and for the immense growth of the SMEs sector. SMEs help the UK government to reduce the unemployment rate by 7% in the year 2020. In the last quarter of 2020, the “gross domestic product of the UK was 502.2 billion British pounds, which was 4.8 billion pounds more than the previous quarter (Gov.uk, 2020).

2. Role of TIME and Analysis of their contribution to the national economy

2.1 Comparison of the impact of SME for two UK Regions

SMEs play a significant role in the economy of the United Kingdom as SMEs acquire 99% of all enterprises in the country. According to the government report of 2020, almost 6 million small and medium enterprises are conducting their business operations in the UK. London is not only the capital cavity of the UK; it is also the center point of the SMEs sector of the UK. As per the record of 2019, almost 1.08 million small and medium enterprises were conducting their business in London and ranked top in the nation. However, the density of the SMEs sector is not similar in all parts of the nation; it varies based on the location (Kirsten ET AL. 2017). As an example, it can be said that there were 598 thousand SMEs in East England (Gov.uk, 2020). The entrepreneurs are mainly focusing on setting up their business in London, and southeast England, however, the numbers of SMEs in the rest of the nation are increasing day by day.

2.2 Comparison of the impact of SMEs for the UK’s utilization of two different industries (retail and construction)

Retail and construction are two major sectors that play a significant role in SMEs in the UK. There are almost 2.20 million TIME retail enterprises which account for 36% of the total retail sector’s sales. Retail sectors comprise 31% of the total SMEs. It has been observed that 10.5% of the population is involved in the retail sector of SMEs in the United Kingdom (Alexander, 2021). Retail industries in the UK include grocery shops, restaurants, and food chains.
Development in the construction sector helps to boost up the SMEs in the UK. The construction sector acquires almost 23% of the SMEs. However, due to the Ovid-19 pandemic situation, the profit margin of the construction sector has been reduced from 42% to 34% (Yuan ET AL. 2020). Construction SMEs are associated with large construction companies, and 2.17 million people work in construction SMEs in the UK. The profit margin of retail, and construction SMEs contributes a major role to boost up the economical condition of the UK.

2.3 Comparison of the impact of TIME for 2 EU countries

significant role in the economy of the European Union countries, especially in Netherlands, and France. In the Netherlands, 62.3% of the total turnover comes from SMEs, where 63.8% of the total population is associated with SMEs. According to the government report of 2019, there were 442,529 small and medium business enterprises in the Netherlands. The annual turnover for the SMEs sector remains between 20 to 40 million euros in the Netherlands. The economy of France is also significantly dependent on the SMEs sector. There are 4 million small and medium enterprises, which comprise 99.3% of all enterprises. 60% of the population of France is directly associated with SMEs (Yun et al. 2020). The average turnover of SMEs in France is 50 million euros; therefore the SMEs sector helps to boost the economy of the nation significantly.

David Marks

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